RedHill Biopharma Announces Exercise of Underwriters' Option
(Thomson Reuters ONE) -
TEL-AVIV, Israel, Jan. 03, 2017 (GLOBE NEWSWIRE) -- RedHill Biopharma Ltd.
(NASDAQ:RDHL) (TASE:RDHL) ("RedHill" or the "Company"), a specialty
biopharmaceutical company primarily focused on the development and
commercialization of late clinical-stage, proprietary, orally-administered,
small molecule drugs for gastrointestinal and inflammatory diseases and cancer,
today announced that the underwriters of its previously announced underwritten
public offering of 2,250,000 American Depository Shares ("ADSs"), each
representing 10 of its ordinary shares, and warrants to purchase 1,125,000 ADSs,
have partially exercised their option and purchased 133,104 ADSs.
Pursuant to the partial exercise of the underwriters' option, RedHill's
underwritten public offering and the concurrent registered direct offering
totaled 3,846,519 ADSs and warrants to Purchase 2,025,458 ADSs, representing
aggregate gross proceeds from both offerings combined of approximately $39.4
million before deducting underwriting discounts and commissions, placement agent
fees and other offering expenses.
Investors in the underwritten public offering included, among others, Sabby
Management, LLC, DAFNA Capital Management, Rosalind Advisors, Inc., Koramic
Holding, Lincoln Park Capital, Nexthera Capital LP and others. EMC2 Fund Ltd
participated in the registered direct offering.
Roth Capital Partners acted as the sole book-running manager, and Echelon Wealth
Partners acted as Canadian manager for the underwritten public offering with
respect to sales in Canada. Roth Capital Partners acted as placement agent in
the registered direct offering.
The ADSs and warrants were issued pursuant to a shelf registration statement
that was previously filed with, and declared effective by, the Securities and
Exchange Commission (the "SEC"). A final prospectus supplement related to each
of the offerings was filed with the SEC and is available on the SEC's website
located at www.sec.gov.
This press release shall not constitute an offer to sell or the solicitation of
an offer to buy, nor shall there be any sale of these securities in any
jurisdiction in which such offer, solicitation or sale would be unlawful prior
to the registration or qualification under the securities laws of any such
jurisdiction.
These offerings were made only by means of a prospectus. Copies of the final
prospectus supplements and the accompanying prospectus relating to these
offerings may be obtained, when available, by contacting Roth Capital Partners,
Attention: Equity Capital Markets, 888 San Clemente Drive, Newport Beach, CA
92660, or by telephone at 800-678-9147, or by email at RothECM(at)roth.com.
About RedHill Biopharma Ltd.:
RedHill Biopharma Ltd. (NASDAQ:RDHL) (TASE:RDHL) is a specialty
biopharmaceutical company headquartered in Israel, primarily focused on the
development and commercialization of late clinical-stage, proprietary, orally-
administered, small molecule drugs for the treatment of gastrointestinal and
inflammatory diseases and cancer. RedHill has a U.S. co-promotion agreement with
Concordia for Donnatal(®), a prescription oral adjunctive drug used in the
treatment of IBS and acute enterocolitis. RedHill's clinical-stage pipeline
includes: (i) RHB-105 - an oral combination therapy for the treatment
of Helicobacter pylori infection with successful results from a first Phase III
study; (ii) RHB-104 - an oral combination therapy for the treatment of Crohn's
disease with an ongoing first Phase III study and a completed proof-of-concept
Phase IIa study for multiple sclerosis; (iii) BEKINDA(®) (RHB-102) - a once-
daily oral pill formulation of ondansetron with an ongoing Phase III study for
acute gastroenteritis and gastritis and an ongoing Phase II study for IBS-D;
(iv) RHB-106 - an encapsulated bowel preparation licensed to Salix
Pharmaceuticals, Ltd.; (v) YELIVA(®) (ABC294640) - a Phase II-stage, orally-
administered, first-in-class SK2 selective inhibitor targeting multiple
oncology, inflammatory and gastrointestinal indications; (vi) MESUPRON - a Phase
II-stage first-in-class, orally-administered uPA inhibitor, targeting
gastrointestinal and other solid tumors and (vii) RIZAPORT(®) (RHB-103) - an
oral thin film formulation of rizatriptan for acute migraines, with a U.S. NDA
currently under discussion with the FDA and marketing authorization received in
Germany in October 2015.
This press release contains "forward-looking statements" within the meaning of
the Private Securities Litigation Reform Act of 1995. Such statements may be
preceded by the words "intends," "may," "will," "plans," "expects,"
"anticipates," "projects," "predicts," "estimates," "aims," "believes," "hopes,"
"potential" or similar words. Forward-looking statements are based on certain
assumptions and are subject to various known and unknown risks and
uncertainties, many of which are beyond the Company's control, and cannot be
predicted or quantified and consequently, actual results may differ materially
from those expressed or implied by such forward-looking statements. Such risks
and uncertainties include, without limitation, risks and uncertainties
associated with (i) the initiation, timing, progress and results of the
Company's research, manufacturing, preclinical studies, clinical trials, and
other therapeutic candidate development efforts; (ii) the Company's ability to
advance its therapeutic candidates into clinical trials or to successfully
complete its preclinical studies or clinical trials; (iii) the extent and number
of additional studies that the Company may be required to conduct and the
Company's receipt of regulatory approvals for its therapeutic candidates, and
the timing of other regulatory filings, approvals and feedback; (iv) the
manufacturing, clinical development, commercialization, and market acceptance of
the Company's therapeutic candidates; (v) the Company's ability to establish and
maintain corporate collaborations; (vi) the interpretation of the properties and
characteristics of the Company's therapeutic candidates and of the results
obtained with its therapeutic candidates in research, preclinical studies or
clinical trials; (vii) the implementation of the Company's business model,
strategic plans for its business and therapeutic candidates; (viii) the scope of
protection the Company is able to establish and maintain for intellectual
property rights covering its therapeutic candidates and its ability to operate
its business without infringing the intellectual property rights of others; (ix)
parties from whom the Company licenses its intellectual property defaulting in
their obligations to the Company; (x) estimates of the Company's expenses,
future revenues capital requirements and the Company's needs for additional
financing (xi) competitive companies and technologies within the Company's
industry; and (xii) the impact of the political and security situation in Israel
on the Company's business. More detailed information about the Company and the
risk factors that may affect the realization of forward-looking statements is
set forth in the Company's filings with the Securities and Exchange Commission
(SEC), including the Company's Annual Report on Form 20-F filed with the SEC on
February 26, 2015. All forward-looking statements included in this Press Release
are made only as of the date of this Press Release. We assume no obligation to
update any written or oral forward-looking statement unless required by law.
Company contact:
Adi Frish
Senior VP Business Development & Licensing
RedHill Biopharma
+972-54-6543-112
adi(at)redhillbio.com
IR contact (U.S.):
Marcy Nanus
Senior Vice President
The Trout Group
+1-646-378-2927
Mnanus(at)troutgroup.com
This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: RedHill Biopharma Ltd. via GlobeNewswire
Datum: 03.01.2017 - 17:08 Uhr
Sprache: Deutsch
News-ID 515585
Anzahl Zeichen: 8941
contact information:
Town:
Tel-Aviv
Kategorie:
Business News
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"RedHill Biopharma Announces Exercise of Underwriters' Option"
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